FORMER BANK of Scotland (Ireland) chairman Phil Flynn asked a former senior executive of the Industrial Credit Corporation (ICC) to check out a company run by a financial adviser on trial on charges of money-laundering, a court heard yesterday.
Former ICC director of lending Denis O’Connell told the trial of financial adviser Ted Cunningham that he had known Mr Flynn for about six years when Bank of Scotland (Ireland) took over ICC, as Mr Flynn had already been chairman of ICC. Mr Cunningham (60), Farran, Co Cork, denies 20 charges of money-laundering including one of possessing £3,010,380 at Farran between December 20th, 2004 and February 16th, 2005, knowing or believing it to be the proceeds of robbery at the Northern Bank Cash Centre in Belfast.
Mr O’Connell said Mr Flynn asked him in December 2003 to check out Mr Cunningham’s company, Chesterton Finance, as Mr Cunningham was seeking some assistance. Mr O’Connell subsequently met Mr Cunningham and his business partner, Irene Johnston, in January 2004.
Mr O’Connell, who was retired from ICC at the time, told how Mr Flynn invited him in December 2004 to go to Bulgaria with a group of business people, and Mr Cunningham was among those who travelled to Sofia for a series of meetings there.
“In December 2004, Phil Flynn told me that he and some property developers were going to Bulgaria. I had some interests in eastern Europe and he was hoping I could be some help to them and he asked me to go along – he said Ted Cunningham was also going,” he said.
Questioned by Mr Cunningham’s counsel, Ciarán O’Loughlin SC, whether he knew anything about plans to set up a mortgage agency or financial company in Bulgaria, Mr O’Connell said it had been mentioned, but his interest in the trip was simply to look at property in Bulgaria.
The group included Mr Cunningham, Ms Johnston, Mr Flynn, jeweller John Douglas from Tullamore, Co Offaly, and a solicitor from the Isle of Man, John Sturgeon.
The trial resumes on Tuesday.